1994-06929-Resolution No. 94-017 Recorded 2/17/1994REVIEWED
F
94-019929 Q,�9LEGAf COUNSEL
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON
A Resolution Authorizing Submission * -
of an Advance Refunding Plan to the
Oregon State Treasurer and Providing * -
for Related Matters.
RESOLUTION NO. 94-017
WHEREAS, the County entered into an Installment Purchase and Trust
Agreement with Security Pacific Bank, Oregon on June 1, 1989 and other
documents which resulted in the issuance of Certificates of
Participation, Series 1989 (the "Refundable Certificates").
WHEREAS, issuing advance refunding Certificates to refund the
Refundable Certificates will benefit the County and its taxpayers by
reducing debt service costs; and,
WHEREAS, the County has directed Seattle Northwest Securities
Corporation to prepare an advance refunding plan for the County's
Refunding Certificates; and
WHEREAS, the approval of the State Treasurer is required before
such advance Refunding Certificates may be issued; and
WHEREAS, the services of experts are required in connection with
the submission of an advance refunding plan and the issuance of advance
refunding Certificates; now, therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES
COUNTY, OREGON, as follows:
Section 1. Plan Submission. Seattle Northwest Securities
Corporation is hereby authorized, on behalf of the County, to submit an
advance refunding plan for the Refundable Certificates to the State
Treasurer for review and approval.
Section 2. Issuance of Refunding Certificates. If the State
Treasurer approves the issuance of advance refunding Certificates in
accordance with the advance refunding plan proposed by Seattle
Northwest Securities Corporation, the County may, by resolution or
order, authorize the issuance of advance refunding Certificates (the
"Refunding Certificates") in a principal amount sufficient to pay the
cost of refunding the Refundable Certificates and the costs incident to
the authorization, sale and issuance of the Refunding Certificates.
Section 3. Designations. For the proposed issue of advance
refunding Certificates, the firm of Preston Thorgrimson Shidler Gates
& Ellis is designated as bond counsel, First Bank National Association
is designated as Escrow Agent and Paying Agent, and the firm of Seattle
Northwest Securities Corporation is designated as Underwrite
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1 - RESOLUTION NO. 94-017 71994
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0128-l';135
Section 4. Other Action. The Underwriter, the Escrow Agent, the
Financial Advisor or bond counsel are hereby authorized, on behalf of
the County, to take all necessary action to implement the proposed
advance refunding, including but not limited to the following services:
(a) coordinating the drafting of a refunding bond resolution,
escrow deposit agreement, an official statement and any other
legal documents necessary to effectuate the refunding plan;
(b) identifying and arranging or subscribing for, as agent for
the County, the acquisition of government obligations including
United States Treasury Certificates of Indebtedness, Certificates
and Certificates --State and Local Government Series to be
deposited in escrow in connection with the refunding plan; and
(c) making all computations with respect to yields on the
Refunding Certificates and the obligations acquired with the
proceeds of the Refunding Certificates and arranging for
verification and review of these computations by a firm of
independent certified public accountants.
DATED this %L 4A day of , 1994.
7!,S
Recording Secretary
2 - RESOLUTION NO. 94-017
BOARD OF COUNTY COMMISSIONERS
OF DF.SCHUTES COUNTY, OREGON
VA
To THROOP, Commissioner
BARRY HJ SIAUGHTEfR, Commissioner